[prestonwatson]

Hi,
Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. To be precise, the term used to describe the point when worldwide production of conventional crude oil peaks in volume, which is expected to result in an increase in oil prices from a decline in the availability of cheap and easily accessible oil sources.

[cipi604]

Hi,
Peak oil is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. The concept is based on the observed production rates of individual oil wells, and the combined production rate of a field of related oil wells. To be precise, the term used to describe the point when worldwide production of conventional crude oil peaks in volume, which is expected to result in an increase in oil prices from a decline in the availability of cheap and easily accessible oil sources.

A+

[zeke]

Important to revisit this definition from time to time...so many people think that "peak oil" means "running out of oil."


...at which time the shortonbrains of the world rise from the dead and start plabbering off about how there's plenty, and...you know the rest.


z